Once you've converted the VM disk image onto a physical drive you'll need to boot it using qemu/kvm(also part of the Live CD/DVD/BluRay you booted). This works out of the box, even using the VMWare disk images.
Since it's unlikely your system will be using the same IDE controller used by most VM products. Once you boot the physical disk as a VM all you will need to do is rebuild the initrd with any SCSI or RAID drivers your system needs. The command to do this will look something like this.
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mkinitrd --with virtio_pci --with virtio_blk -f \
/boot/initrd-$(uname -r).img $(uname -r)
Obviously the above command would only add kvm's VirtualIO drivers for paravirtualized disk IO. I'd like to know what other flags are needed, I plan to provide one big command the would build an initrd bloated enough to boot at least %80 of all the systems ppl will be running xi on. If you discover a command that works on your Dell SAS/SATA/RAID/ect system, email them to me and I'll make sure it get's included.
mmestnik@nagios.com